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Feasibility study delivered to Eskom and final burn test nearing completion
FIRESTONE ENERGY LIMITED
(Incorporated in Australia) About Firestone Energy
Firestone Energy Limited is an
(Registration number ABN 058 436 794)
independent, Australian exploration and
development company listed on the
Share code on the JSE Limited: FSE
Australian Stock Exchange Ltd (ASX) and
Share code on the ASX: FSE the Johannesburg Stock Exchange (JSE).
Firestone Energy has entered into a Joint
ISIN: AU000000FSE6 Venture with Sekoko Resources (Pty) Ltd
through which Firestone Energy has
(SA company registration number 2008/023973/10) acquired the right to 60% participation
interests in the Waterberg Coal Project
("FSE" or "the Company") located in Lephalale area, Limpopo Province,
South Africa.
FEASIBILITY STUDY DELIVERED The first stage of the project is to develop the
TO ESKOM AND FINAL BURN Smitspan mine which has a substantial
measured thermal coal resource and to
TEST NEARING COMPLETION develop the Vetleegte mine which is a
substantial metallurgical coal deposit.
Highlights
Firestone Energy is committed to becoming a
Eskom Feasibility Study delivered profitable independent coal and energy
producer at its projects in South Africa,
Final bulk sample burn test presently underway
thereby making a substantial contribution to
Final Coal Supply Agreement negotiations continue the social and economic development of the
Lephalale area and South Africa.
The Waterberg Coal Joint Venture Partners (WCJVP) are very pleased to
report that they have completed a Feasibility Study (Study) into the Corporate Details
development of an opencast mining operation to produce 10 million tonnes of ASX: FSE
JSE: FSE
coal (Product) per annum for Eskom for an initial term of 30 years.
Issued Capital:
3,549 million ordinary shares
The Study was completed pursuant to the Memorandum of Understanding
(MOU) with Eskom for the proposed Coal Supply Agreement (CSA) and is Major Shareholders:
confidential. The Waterberg Coal Company Ltd
Directors and Officers
The WCJVP are presently updating the Study which will be released as a full
Non Executive Directors:
Bankable Feasibility Study (BFS) on completion. Brian McMaster
George Oupa Magashula
A condition precedent of the CSA is for Eskom to complete a burn test on a
Officers:
bulk sample of approximately 200,000 tonnes of Product. Eskom has now Mr Stephen Miller CEO and Executive
taken delivery of this bulk sample and it is expected that this Product will be Director
Ms Amanda Matthee CFO
tested over the course of the next 30 days. Mr Jonathan Hart Company Secretary
Discussions between the WCJVP and Eskom as to the terms of the CSA are Contact:
well advanced. Level1, 330 Churchill Avenue Subiaco
Western Australia 6008
Tel: +61 (08) 9200 4465
Fax:+61(08) 9200 4469
Yours sincerely Web: www.firestoneenergy.com.au
Stephen Miller
Chief Executive Officer
www.firestoneenergy.com.au
Johannesburg
06 February 2014
Sponsor
River Group
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